40 Court Rd · Richmond, IN 47374

$24,900

2 bd · 1.0 ba · 980 sqft · Manufactured · 8 Days on market

Built 1989 $48/mo HOA · 5% of rent

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this MFG sectional home that's only 15 yrs old. Home is currently located in Mobile Manor is a gated community, exclusive for 55 and over park located in Richmond, IN. You also have access to a large inground pool as well as monthly activities in the club house. This home is over 1800 sq ft, 3 bedrooms, 2 full baths. Home also features a sunken living room, fireplace, huge kitchen w/ lg island with plenty of cabinets. All appliances stay with home including the washer and dryer. Enjoy your time outside on a large deck with covered awning and 10x10 storage shed. * * Any interested party must be approved through the park prior to purchasing home * * * Call Chris Thompson at 765-994-0667 for your private tour * * Lot rent is $340/Month an includes sewer and trash. . carpets getting cleaned so no showings until 2-25-23. Text818626 to 35620 for more information and photos.

Key facts

• Updated appliances
• Newer flooring
• Large covered deck

Tags

• OPEN-CONCEPT LIVING ROOM
• NEWER FLOORING
• UPDATED APPLIANCES
• LARGE COVERED DECK
• PRIVATE PARKING

Property features AI

Finance

• HOA & community: Homeowners association with an annual fee of $575 (approximately $47.92/month)

Exterior

• Utilities: Public water; Public sewer
• Home design: One-story mobile home; Residential property
• Construction: Vinyl siding
• Exterior features: Metal roof

Interior

• Kitchen: Electric range; Refrigerator
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Electric range; Refrigerator; Gas water heater
• Laundry & utility: Washer; Dryer

🏷️ Possibly a rental listed for sale. The $24,900 price doesn't fit this home's estimated sale value (~$74,480) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $25k.

Deal economics

• At list price, monthly cash flow is $530 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($949 rent vs $25k).
• Cap rate 31.8% vs local median 5.2% in Richmond — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 83/100 on livability (#10 in IN, #869 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D+, schools D-, employment D-.
• Richmond Community Schools (town): math 18% / reading 27% proficiency, ranked #270 of 301 in IN (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 273 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 38 units permitted in Wayne County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $172 of loan paydown is wiped out by about $747 of value loss. Plan a longer hold.
• Wayne County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $24,900

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 3.81% ✓
• Cap rate: 31.82%
• Cash-on-cash: 91.17%
• DSCR: 5.06
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $74,480
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
38 Dogwood Dr	0.00mi	2/1.0	980 (0%)	14mo	$24,000	$24	88
11 Hickory Dr	0.03mi	2/1.0	980 (0%)	15mo	$20,000	$20	86
7 Redwood Ln	0.12mi	2/1.0	980 (0%)	13mo	$20,500	$21	84
31 Court Rd	0.00mi	2/2.0	960 (-2%)	14mo	$75,000	$78	81
27 Court Rd	0.00mi	2/2.0	992 (+1%)	21mo	$75,000	$76	76
28 Dogwood Dr	0.00mi	2/1.0	896 (-9%)	13mo	$23,000	$26	75
12 Chestnut Dr	0.01mi	2/2.0	896 (-9%)	18mo	$79,900	$89	66
23 Dogwood Dr	0.00mi	3/2.0 (+1)	1,056 (+8%)	22mo	$89,000	$84	60

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 91.9%
• Equity multiple: 5.27×
• Total profit: $29,746
• Equity at exit: $3,713

10-year hold

• IRR: 94.8%
• Equity multiple: 10.97×
• Total profit: $69,522
• Equity at exit: $2,153

Cash invested: $6,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 47374

• Active inventory: 273
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $949 medium
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $374/yr
• Insurance: −$10
• HOA: −$48
• Vacancy / Maint / Mgmt: −$199
• Net cashflow: $530

Break-even live

Break-even rent $279

Max offer price $24,900

Occupancy floor 39%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $6,225
• Closing costs: $747
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 N 10th St Richmond, IN	1.0–2.0	1.0	817	$895	$1.09	43d	3	1.39mi

HOA detail

• Monthly dues: $48 · $576/yr
• Likely covers: sewertrashpoolsecurity

Listing history 7 events

1. 2026-06-17
   status $24,900 Pending 8 DOM
2. 2026-06-17
   days on market $24,900 Active 8 DOM
3. 2026-06-16
   days on market $24,900 Active 7 DOM
4. 2026-06-15
   days on market $24,900 Active 6 DOM
5. 2026-06-14
   days on market $24,900 Active 4 DOM
6. 2026-06-12
   remarks 699-char remark
7. 2026-06-12
   listed $24,900 Active 3 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $11,389
• − Mortgage interest: −$1,395
• − Property taxes: −$374
• − Insurance: −$124
• − Repairs & maintenance: −$911
• − Management: −$911
• − HOA: −$576
• − Depreciation: −$724
• Taxable income: $6,374
• Est. tax owed @ 24.0%: −$1,530
• After-tax cash flow: $4,827/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Richmond Community Schools
• NCES district ID: 1809510
• Math proficiency: 18% ▼ -7.00%
• Reading proficiency: 27% ▼ -2.00%
• Median HH income: $35,288
• Composite: 18.55/100
• National rank: #8913
• State rank: #270 of 301 in IN

Livability — Richmond

• Score: 83/100
• State rank: #10
• US rank: #869

Category grades

Amenities A Commute A+ Cost of living A+ Crime D+ Employment D- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, IN
• County: Wayne County · 44,615 people
• City population: 44,615
• Metro: Richmond, IN
• Population (ZIP): 44,615
• Household income: $50,766
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1600.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 63,316 people
• By 2030: 60,893 · -3.8%
• By 2040: 55,386 · -12.5%
• By 2050: 49,946 · -21.1%
• By 2075: 37,900 · -40.1%
• By 2100: 26,562 · -58.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Black 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Italian 1% Lithuanian 1%
• Foreign-born: 4% · Canada, China
• Languages at home: 95% English-only · Spanish 3%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+32.5) · D 32.9% · R 65.4% · Other 1.6%
• 2008→2024 swing: -28.6pp toward R · 2008: -3.9pp · 2024: -32.5pp
• All cycles: 2024: R+32.5 2020: R+29.1 2016: R+30.1 2012: R+14.7 2008: R+3.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -118.64%
• Current HPI: 182.5038
• Rent YoY: —
• Metro: Richmond, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

+47.3% since first listed

5 events — show timeline

• 2026-06-09 Listed $24,900 RRELMS
• 2023-03-14 Sold (MLS) $50,000 RRELMS
• 2023-02-20 Listed $54,900 RRELMS
• 2023-02-17 Sold (MLS) $16,900 RRELMS
• 2023-02-16 Listed $16,900 RRELMS